Axiom Mining Limited (ASX: AVQ) is an ASX listed mining company based in Brisbane, Australia. The company has a diverse portfolio of projects in the Solomon Islands and Australia. West Guadalcanal Project and Isabel Nickel Project are situated in Solomon Islands and Mt Molloy Copper-Zinc Project, OK Mines Project and Cardross Copper Gold Silver Project are located in Australia.
On 26th April 2019, the company announced that it has requested Australian Securities Exchange (ASX) to suspend its listed securities from quotation immediately in accordance with the Listing Rule 17.2. The securities were already placed under the trading halt on 23rd April 2019 due to a pending release of the announcement related to capital raising and an operational update. The upliftment of the trading halt was scheduled on 26th April 2019 or at the release of the pending announcement, whichever is earlier. As the company couldn’t release the announcement till 26th April 2019, it has now requested for the suspension of its securities.
The suspension has been requested with respect to the pending release of the announcement related to capital raising and an operational update which was the stated reason for the prior halt in trading. According to the company it’s been done so that trading in Axiom’s securities do not occur by uninformed participants.
Now the new suspension upliftment date for the suspended securities is 30th April 2019, or the date of release of the pending announcement to the market, whichever is earlier.
On 24th April 2019, the company announced updates regarding the mining activities at San Jorge, First customer shipment and rationale for the decision to commence mining operations at San Jorge. The company started the mining operations at San Jorge and have arranged the fleet of equipment leased on a short-term basis. The operations were initially commenced in January 2019 but due to Cyclone Oma hitting the Solomon Islands and after that general election halted the entire operation.
The first shipment of nickel ore has been ordered by Traxys Europe S.A for the contract volume of 55,000 WMT. The authorities in the Solomon Islands have not provided the company with direct access to San Jorge for the first two shipments, but the negotiations are going on, and the company believes that, after the initial shipments, direct access to San Jorge can occur.
The rationale for the decision to recommence the mining operations at San Jorge was based on resource assessment which was based on historical drilling results. The mining methods and operations at San Jorge is suitable for a low cost and technically less complex direct shipping ore operation. It has also received positive feedback from a range of potential customers for San Jorge nickel ore.
Recently there has been a change in the top management of the company. The Chairman and Non–Executive Director of the company, Mr. Robert Barraket has retired as stated in the annual report 2018.
On the technical front, the last traded price of the stock is A$0.048 on 18th April 2019. The 52-week high of the stock is A$0.235. In the last six months (till 18th April 2019) the stock has delivered a negative return of 51.5%, and YTD return stands at negative 28.3%.
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